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Tuesday, February 3, 2009
Automobile Insurance & Auto Maintenance Cost Planning
I plan to write out a bit on the automobile or usually called car maintenance cost planning. This has come into my mind as recently I need to renew my car's road tax, which means that I need to purchase insurance for automobile as well. Well, I believe this is not something new, especially to car owners. But how many of us really know how much to insure our car or how to get the insurance for automobile quote? Most of us will take the easy way out to let our sales agent or friends to settle everything for us. I am one of the as well. Although my sister sort of like settle everything for me, but I, myself also go through the process as well. First, I need to get the auto insurance quote from her colleague based on my car's value in the market. One thing I realize is that the bankers have different valuation system, thus the auto insurance quote that I have is beyond my expectation. I did calculate the auto insurance using auto insurance calculator on some websites but based on my expected car value. But anyway, we finally settle the auto insurance based on the value that I want, which I'm quite glad to hear that so that the whole auto insurance thing will not affect my budget planning.
Back to the automobile maintenance cost, my cost planning includes fuel, service, wear and tear maintenance like tyres, loan installment as well as the auto insurance. My maintenance cost for each km based on the current fuel price is about RM1/km. Kind of high, but what to do. In Malaysia, without own transportation, I also wonder how we are going to work or go from one place to another. Some might say that maybe because I buy slightly expensive car, but for outstation traveling we actually need a more reliable car so that it will not break down so often. I won't be revealing my "Dark Knight".
Back to the topic again, most people forgot to take into account auto insurance, car's wear and tear and etc. Most of them only includes service cost and fuel, which will in turn make them to rake some unexpected expenses during some of the time. Accident occurs some time, which is why I do jack up the price for wear and tear, so that if it happens, at least the car expenses for each km that I drive will not differ much from my budget.
Do feedback me if I missed out something on the maintenance cost. I'm still in the process of learning.